In-depth Analysis and Data-driven Insights on the Impact of COVID-19 Included in this Global Vaccine Storage and Packaging Market Report
The Vaccine Storage and Packaging market was valued at USD 3,544.28 million in 2020 and is expected to reach USD 5,661.25 million by 2026 growing at a CAGR of 8.12%
The following factors are likely to contribute to the growth of the vaccine storage and packaging market-
• Impact of COVID-19 outbreak
• Improvement in storage infrastructure
• Continuous technological advancements in cold chain facilities
• Improvement in the quality of the packaging material
• Increased production capacity of vaccines by key manufacturers
• Impact of growing government initiatives to promote immunization & its awareness
VACCINE STORAGE AND PACKAGING MARKET OVERVIEW
The COVID-19 outbreak has led to intensifying demand for vaccines to fight the disease; thus, it has contributed to the growth of the global vaccine storage & packaging market. With the utilization of technology, the disruptors and innovators are reimaging the daily lives of the past few decades. The influence of technology on the cold chain logistics industry is equally intense. Automations at the coldest temperature is an innovation that has provided ease to the vaccine storage process. The prevalence of COVID-19 has provided vast opportunities to the vaccine freezers, refrigerators, ampoules, vials, and other packaging material providers. COVID-19 has enabled the key vaccine players to partner with the key vendors in the vaccine storage equipment market.
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• To promote the importance of immunization among people, the government is organizing vaccination camps, public conferences, and immunization programs in collaboration with several players. WHO provides knowledge and assistance to immunization programs worldwide, contributing to the market’s demand throughout a rapidly evolving situation.
• Technological advancements such as RFID tags, BFS technology, temperature monitoring devices, etc., are improving the penetration of the global vaccine storage and packaging industry.
• Due to the emergence of COVID-19, the demand for vaccine storage equipment increased significantly. These vaccines have specific cold storage requirements that should not be too cool or too hot to maintain the vaccine’s potency.
• The sudden onset of covid-19 gave significant growth opportunities for manufacturers offering packaging and storage solutions for the vaccine supply chain. With the immunization process happening globally in many countries, vendors need to prioritize and manufacture products required for packaging and storage of a wide range of covid-19 vaccines to have a good and efficient supply chain between vaccine manufacturers and vaccine administrators.
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The study considers a detailed scenario of the present vaccine storage and packaging market and its market dynamics for the period 2021−2026. It covers a detailed overview of several market growth enablers, restraints, and trends. The report offers both the demand and supply aspects of the market. It profiles and examines leading companies and other prominent ones operating in the market.
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